Çöpler District (Çöpler, Çakmaktepe, Ardich, Bayramdere) Feasibility Study: $1.73B NPV Over a 21-Year Mine Life
SSR Mining Inc.'s Çöpler District (Çöpler, Çakmaktepe, Ardich, Bayramdere) in Erzincan Province, Turkey has a Feasibility Study outlining an after-tax NPV of $1.73B. The mine plan runs 21 years at about 278 koz Au (5-year annual average, 2021-2026) per year.
SSR Mining Inc.'s Çöpler District (Çöpler, Çakmaktepe, Ardich, Bayramdere) has reported Feasibility Study results for the gold project in Erzincan Province, Turkey. The study headlines an after-tax net present value of $1.73B at a 5% discount rate. It reflects SSR Mining Inc.'s (SSRM) latest disclosed economics for the asset.
Economics. The after-tax NPV is $1.73B using a 5% discount rate. All-in sustaining costs are pegged at 966 USD/oz gold. Economics are based on Long-term metal price assumptions of $1,600/oz gold, $21.00/oz silver, and $3.40/lb copper.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 21 years. Average annual production is approximately 278 koz Au (5-year annual average, 2021-2026). Average head grade is 1.69 g/t Au oxide; 2.33 g/t Au sulfide; 2.14 g/t Au total. Metallurgical recovery averages 91%.
Resources and ownership. The company holds a 80% interest in the project.
These figures are extracted from SSR Mining Inc.'s technical disclosures and reflect the most recent Feasibility Study on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Our Analysis
- NPV after-tax
- $1.73B
higher than 81% of 181 projects we track
- Mine life
- 21yrs
- Study price assumption
- Long-term metal price assumptions of $1,600/oz gold, $21.00/oz silver, and $3.40/lb copper
- Spot gold today
- $4,162.30/oz
The revised feasibility study for this Turkish gold asset marks a step backwards on two fronts: after-tax NPV is down 14% and mine life is 5% shorter than the 2021 resource estimate. That is the direction of travel, and it matters more than the headline number it produces. The offsetting fact is that the project has moved to feasibility level, a build-ready estimate carrying a plus or minus 15% band, so the current figures deserve more weight than the earlier filing even though they are lower. A shorter life and a smaller NPV at a more definitive stage is a real deterioration, not a rounding artefact.
The absolute numbers remain substantial. After-tax NPV of $1.73B ranks higher than 81% of the 181 gold projects we track, and the 21-year mine life gives the asset a long production runway in Erzincan Province, Turkey. Against a US$6.78B market cap, that NPV is roughly 0.3x, well below the company's equity value. That gap cuts both ways: it can mean the market has not recognised the asset, or that it is discounting Turkish jurisdiction risk, permitting, or the cost of building the mine. The company's 57-project portfolio means this is one asset among many, not a binary bet.
The study's long-term gold assumption of $1,600/oz sits far below today's live spot of $4,162.30/oz, so the economics are struck on a price well under the current market. That is genuine upside if spot holds, but it also means the returns depend on a metal price the study did not assume. The question that decides this project is whether the company can fund and permit a Turkish build without eroding the value the NPV implies.
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.